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Yvon Charest, CEO of Industrial Alliance, said the acquisition would place the Quebec-based company near the top of the largest non-bank wealth management advisory firms in Canada, with $75 billion in assets under administration.

The firm was part of Scotiabank’s purchase of DundeeWealth in 2011, which also included asset management firm Dynamic Funds. Dynamic is not part of the transaction announced Monday and will remain part of Scotiabank.

Industrial Alliance said the acquisition price will vary depending on the assets under administration at closing, adding that it will finance the deal though a combination of cash on hand and issuance of common shares, subject to adjustments and other transaction costs.

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The sale is expected to close in the third calendar quarter of next year.

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